Brent Slides Towards $108 On Chinese Exports

Brent crude oil fell below $109 to start the week on poor data from China, but supply worries helped underpin prices. The commodity traded at $108.01 at 6:00 GMT on Monday morning, as investors evaluated geopolitical tension in both Ukraine and Libya. Bloomberg reported that China released data on Monday showing that the nation's exports unexpectedly fell 18.1 percent in February from a year earlier. The figure was far below economists' expectations of a 7.5 percent increase, though some are blaming the country's Lunar New Year holiday for the disparity. The data compounded the already growing worry that the Chinese economy is slowing down as it followed poor PMI data released last week. However, the ongoing tension in Ukraine kept a floor under Brent prices as Russian forces tightened their grip on Ukraine's Crimean peninsula over the weekend. Russian forces seized another border post as well as a military airfield over the weekend as pro-Russian leaders moved forward with the country's planned referendum. Related:

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